The platform will use the financing to accelerate product development and national reach
Transteel, a D2C brand for office furniture targeted at SMEs and middle-market companies, on Friday announced to have received growth capital of INR 4 crore from marquee investors including revenue-based financing player Klub.
The company further aims to utilize the amount in improving customer service, logistics, manufacturing, and customer acquisition.
“It gives us great confidence that our investors are in line with our vision of promoting the consumer/MSME/SME verticals of Transteel. This funding will definitely help us in developing our business and will boost our mission of providing affordable furniture directly to the end consumer that is delivered and installed in as little as a week, with a ‘buy now, work now’ approach to suit the fast-paced nature of start-up and small business culture,” Shiraz Ibrahim, co-founder and managing director, Transteel.
Transteel offers purposeful, premium office furniture built for startups, small & medium size business owners. Transteel Launched its D2C vertical in May 2020 as its pivot in response to COVID and makes furnishing office spaces easy and affordable for startups and small and medium businesses owners. With pan India delivery, the company has shown remarkable growth during the pandemic. Their approach of engaging directly with the consumers and the SME / MSME vertical has helped them achieve remarkable numbers of 40,000 online orders since May 2020.
“We are seeing an evolution of omnichannel brands as digital is getting embraced further by the ecosystem. What sets Transteel apart from other players, is their specialization in manufacturing office and home furniture offering a delightful mix of design, value for money, and most importantly ergonomics. Their digital-first approach to make furniture solutions accessible to a large set of customers disrupts the traditional retail model,” shared Anurakt Jain, co-founder, and chief executive officer, Klub.
“Companies have two bad options when purchasing office furniture,” added Ibrahim. “They can purchase office furniture through traditional furniture dealers, which is expensive, slow, and confusing, or they can purchase inexpensive ‘fast furniture from online marketplaces which though convenient in the short term isn’t built to last in an office environment and offers very little in terms of after-sales customer support and understanding individual customer needs.”
Transteel is in the advanced stage of closing on an INR 45 crore Series A round in the funding to further scale its business and will use the financing to accelerate product development and national reach.